Luxury Homes: Not Just Another House Around the Block

Some people find it difficult to buy a home, while other people find it difficult to decide what home to buy. If you are part of the latter group, then luxury homes might be just the thing you are looking for.

For starters, luxury real estate is geared towards the upper strata in socio-economic terms. This simply means luxurious homes and properties are designed for those who prefer quality, and these people are those that have the means to reach for that quality. It would not be uncommon to find luxury real estate in the seven or upper six digits, and you can bet that prime pieces of property will be great investments as well.

If you have an eye out for these luxury properties and real estate, then it would be best to keep these tips in mind:

List down what you want in your luxury home.

Whether you want a heated indoor pool or a major entertainment and multimedia center, make sure that you write down a list of what you want before you look for an agent. This will help you prioritize your wants and needs, making it easier for your agent to match them to an existing property.

Find an agent that specializes in luxury real estate.

These upper-end properties are not going to be listed in the papers or on other forms of common advertising. The circle of luxury real estate is quite small, and only a select few high-end agents take on these listings. These high-end agents are also going to be your tickets to inspect luxury properties, since not just anyone is allowed to enter these types of homes.

Leave room for additions and improvements.

Coldwell Banker Real Estate has released a survey indicating that 41 percent of luxury homeowners plan to add on their houses in the near future. It would then be a good idea for you to leave some space for additions and improvements just in case something in the future catches your fancy – like an indoor court or Jacuzzi, for example.

Be prepared to fork over cold, hard cash.

Financing or credit are words not associated with credit, so you will have to show your real estate agent a nice, plump bank account to dip his or her fingers in. You will then have to work on building your own fortune if you want to live in these types of luxury homes. This is the entire reason only those in the upper socio-economic strata of society look for luxury homes.

Oh, and one last thing – bigger need not always be better.

37 percent of luxury homeowners go for homes around 2,400 to 3,999 feet – typically small in size. What matters here is the style of the house and how luxurious the amenities are. You would be surprised how impressive a million-dollar compact home looks like, especially when you walk around the rooms and inspect the additions.

Keep these tips in mind, and you’ll be able to find luxury real estate that will leave a big, wide smile on your face the first time you call it your own and step into it.

Multigenerational Homes: The Next Big Thing in Real Estate

Many people have been hit hard by the recession, which continues to batter lives and homes to this day. More and more people are starting to be practical, and multigenerational homes are one of the most practical decisions for families.

What are multigenerational homes? Simply put, they are houses where multiple families can reside in. That means that parent and child, brother and sister, grandparent and grandchild live and work in one residence.

It is often believed that the fiercely independent nature of Americans would scorn these kinds of homes, especially when any sort of dependence is implied within the family. However, a recent study by Coldwell Banker has pointed out an increasing number of multigenerational homes being sold in recent times.

Practicality is the primary driving force behind these types of homes. Money is tight, and people are looking to save money by pooling family resources and purchasing a house that they can all reside in. This significantly cuts down rental and mortgage costs while spreading out the financial strain among multiple families.

Health reasons are also another strong force that pulls people to buy multigenerational homes. Some aging or disabled members of the family find it easier to live near their younger, stronger family members. Assistance is then much easier and more convenient for both parties.

Another less obvious benefit of these multigenerational homes is the strong psycho-social development within the family. Schedules are less hectic thanks to the sharing of household chores. Caring for children and elderly members is made a lot easier due to the close proximity. And finally, families share many bonding activities with each other – something that has slowly been dying away as people move further and further away from family.

So what makes these multigenerational homes so special in the first place?

Truth be told, there is nothing much that separates multigenerational homes from regular homes. Some houses only need an extra bedroom to be called multigenerational, where more than two families share everything else from the toilet to the kitchen. Other houses can have larger garages, separate kitchens and multiple toilets to accommodate privacy-oriented families.

This brings us to the other side of multigenerational homes.

The first thing people consider is their comfort in sharing space, utilities and other essentials with other family members. Some people find no problem with this while others cannot tolerate having their lives under constant scrutiny.

Another consideration is the sharing of household responsibilities. The question of how the dishes or the laundry will be done can be a very serious when you’re living with other people. A written contract may sound extreme, but it extremely useful in this situation, especially if you want to avoid slacking in the chores around the house.

If these considerations are not a problem for you, then a multigenerational home may just help you out here. You’ll be able to save money, help each other out and develop deeper family bonds while you’re at it. Just remember to iron out the details of who gets to use the toilet first in the morning, and you’ll have one less problem to worry about!